What should I do if repairs are needed, but I don’t have money for it? It's good when you have someone to borrow, but more often, there is no such possibility, and you need to look for other ways, turning to banks. But, as it turns out, not everything is so simple, and the question of where to get a loan for repairs does not seem so simple anymore, especially if you do not have a very good credit history, but you need a lot of money.
Many leading credit experts state that many factors can influence the choice of an appropriate credit program:
There are credit programs that provide cash withdrawal without an income statement, but as a rule, the amount provided may not be sufficient to complete the repair. In this case, you can use another program, which provides that the borrower will leave a pledge, which, in this case, can be repaired housing. In this case, the interest rate will be less, but for paperwork you will need to pay a large part of the loan funds.
If you have a decent income, then you will be a welcome guest for whom more opportunities will be provided, but very often he should to be such that with such income a loan is simply not needed.
Although banks claim in advertising that they provide a certain amount without a certificate of income, it is nevertheless required, and if the income is low, the proposed amount may be several times less than promised. Therefore, it is impossible to do without personal contact with bank employees, otherwise, when you come for the promised loan, you can hear the bad news.
You may be required to have a sponsor. As a rule, not everyone wants to be in this role, because in the event of your insolvency, all obligations are transferred to the guarantor.
In that case, if the deadlines do not tolerate delay, and the question arises that you do not know where to get a loan for repairs, which should be started tomorrow, you will have to use express lending. In this case, the loan will be processed as fast as possible, but the amount of overpayments will be more sensitive than the loan with the "classic" design. However, getting cash on hand, you can save if you hire a brigade working informally.
This is a kind of dossier, which reflects information received from banks and other organizations servicing on credit. There it is noted when, how many times, and for how long the loans were taken, whether they were repaid, late payments or not, whether you currently have debts. Do not think that if you came to the bank for the first time, then they do not know anything about you. Credit history is your characteristic, after reading which, the responsible persons will make a decision. In some cases, the amount may be very small, or you may be denied a loan at all.
In the event that you have never taken anything on credit, then we can say that your credit history begins with a clean slate.
Loan secured by property
If If you encounter such a question, then know that, having received a pledge, the bank can lend a larger amount at a lower interest rate.
In this case, the bank will be at the time of the loan from the owner of your home, and you will need to draw up expensive documents on the right of ownership, but if this is the last option for obtaining a loan, use it or refuse to repair it.